This is net to the company at $7/share so probably done around 7.50. I don't take this as good news. Very dissappointed that they could not raise money in another way.
On March 20, 2014, Magnum Hunter Resources Corporation (the “Company”, “we”, “us” or “our”) entered into a purchase agreement (the “Purchase Agreement”) with three select institutional investors to sell, in a private offering, 4,300,000 shares of its common stock (the “Shares”) for anticipated gross proceeds of $30.1 million.
correct. My mistake. gross proceeds so sold at 7.00. This is not tradeable yet, but stock should be under pressure. This is not a lot of money relative to their needs so there must be something else coming, hopefully an asset sale.